Press Release
Press Release
The global blockchain technology industry is driven by various institutions' growing demand for digital payment systems to secure their transactions. The transactions made through blockchain systems are rapid and improve performance by reducing the redundancy of information during transactions. The need for businesses to save time and money has also fuelled demand for this technology. The increased need for smart contracts, security requirements in cross-border payments, and the need to avoid third-party interference are expected to propel market expansion over the forecast period. The financial category accounted for a sizable portion of the market and is expected to expand significantly during the forecast period. The rising popularity of cryptocurrencies, initial coin offerings (ICOs), and lower total cost of ownership are all contributing to the growth. The use of blockchain technology in financial institutions has resulted in faster and more trustworthy transactions. Meanwhile, the healthcare industry is expected to expand rapidly over the predicted period. The COVID-19 pandemic was the most challenging phase for the healthcare sector, especially in developing economies. This fostered the need to enhance the healthcare infrastructure and make the payment system more efficient.
The global blockchain technology market is predicted to develop due to the early adoption of blockchain and the existence of various suppliers who supply security and Blockchain solutions. Businesses are increasingly implementing security and vulnerability management solutions for enabling data security, preventing cyber-attacks and commercial espionage, and ensuring data security and privacy to facilitate business continuity. The IBM (NYSE: IBM) Blockchain Platform 2.5, which is built on Hyperledger Fabric 2.5, would be available in May 2020, allowing developers to migrate to advanced multi-party systems. These multi-party systems offered real-time analytics, reporting, logistics, and supply chain management and enabled multi-cloud offerings and IoT connectivity.
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The major players in the global blockchain technology industry include BTL Group Ltd., Circle Internet Financial Limited, Digital Asset Holdings, LLC, Global Arena Holding, Inc., IBM Corporation, and Microsoft Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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